Annie's Fitness sells a set of free weights to a customer for which Annie's had paid $750. Which one of the following statements describes the most appropriate accounting for the transaction?

a. Debit cost of goods sold expense $750; credit cash $750
b. Debit inventory $750; credit cost of goods sold expense $750
c. Debit cost of goods sold expense $750; credit inventory $750
d. Debit inventory $750; credit accounts payable $750

Question

16-07-2024
Business

Answered

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Annie's Fitness sells a set of free weights to a customer for which Annie's had paid $750. Which one of the following statements describes the most appropriate accounting for the transaction?

a. Debit cost of goods sold expense $750; credit cash $750
b. Debit inventory $750; credit cost of goods sold expense $750
c. Debit cost of goods sold expense $750; credit inventory $750
d. Debit inventory $750; credit accounts payable $750

Sagot :

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